The Case-Shiller 20-City Composite showed prices rising 1.1 percent from March to April, and 10.8 percent from a year ago, with 19 of 20 cities seeing their annual gains slow in April compared to March.

“Although home prices rose in April, the annual gains weakened,” says David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, in a statement. “Overall, prices are rising month to month but at a slower rate.”

“The good news for bubblephobes is that price gains are now slowing down while prices still look (slightly) undervalued,” Kolko said. “We’d be at greater risk of heading toward a bubble if price gains were still accelerating, but they’re not.”

That’s not to say that there aren’t any markets where homes are overvalued. Orange County, California, for example, is 17 percent overvalued, representing the bubbliest market in the U.S., according to Trulia.

But that degree of price inflation pales in comparison to the level seen during the bubble. Orange County was 71 percent overvalued in the first quarter of 2006, Kolko said.